Wednesday, July 21, 2010

C&H Day Trade - Genzyme Corporation (Public, NASDAQ:GENZ)

From the daily timeframe (above) we see that GENZ has a base of resistance at $54.72 -$54.75.

On the 15 minute chart below, GENZ carved out a C&H pattern at the base of the ORH. Place Fibs from the low of the cup to the base of the handle and target a full measured move of 100%. In this case the daily resistance is just 10 -12 cents above the full move, so I let it run a bit higher. Once the extension is underway, volume should expand with price as it moves towards the target.